Microsoft-backed AI4Bharat set to raise $12 million funding from Peak XV, Lightspeed - sources

AI4Bharat, a start-up backed by Microsoft, is raising $12 million from venture capital firms Peak XV and Lightspeed Venture to develop artificial intelligence-powered chatbots for Indian languages, according to three people familiar with the matter.

AI4Bharat, which is also backed by the Indian government, has been developing AI models for speech recognition and translation. It unveiled in May a mobile assistant that aims to make information on government schemes accessible in multiple languages. The investment is among the first from Peak XV Partners after rebranding from Sequoia Capital India and SEA following a split with its U.S.-based parent fund last month.

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